Let-to-buy mortgage arranged for clients after other brokers said it would not be possible
Our clients
Our clients had found a property they wanted to buy, but they were keen to keep their existing property and switch it to a buy-to-let.
The main income earner worked in IT technology, and his wife was a homemaker. The couple owned another investment property and wanted to use the rental income to boost their affordability.
Why was it difficult?
We had to find a lender that would use the husband's income, plus the rent from the existing investment property, to meet affordability. They also had to allow the let-to-buy in the background.
Due to the oldest applicants' age and income, we needed the mortgage term to go past the age of 70 and offer a 25-year term. Both products would be 65% loan-to-value.
How did we help?
Our broker found one large bank offering great rates and it provided both mortgages using their salary, plus the rental income generated from the buy-to-let. Their home was switched to a buy-to-let because the rent was sufficient to cover the mortgage repayments.
Both mortgage offers were produced within two weeks.
What were the rates?
The residential rate was below 1.5%, and the let-to-buy mortgage rate was priced just over 2%. The residential rate had a £1,495 arrangement fee, and the buy-to-let had a £995 arrangement fee. Both rates reverted onto the lenders 4.34% standard variable rate.
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